China: Growth in retail sales decelerates to five-month low in October
November 14, 2018
In October, nominal retail sales grew 8.6% on an annual basis, a deceleration from the 9.2% expansion registered in September and the lowest reading in five months. The print was well below market expectations of a 9.1% increase. October’s print was driven by weaker sales of household appliances, clothing and footwear and food. Despite decelerating slightly, sales of petroleum and petroleum-related products remained robust in October. Meanwhile, car sales contracted at a softer pace in October.
On a seasonally-adjusted basis, retail sales expanded 0.64% in October, edging up from the 0.56% increase in September. Annual average growth in retail sales inched down from 9.4% in September to 9.3% in October.
China Private Consumption Forecast
FocusEconomics Consensus Forecast participants expect retail sales to increase 9.3% in 2019, which is down 0.2 percentage points from last month’s estimate. In 2020, the panel foresees retail sales expanding 9.0%.